HLBZ - Helbiz intends to acquire e-scooters firm Wheels in all-stock deal shares up 8%

Helbiz (NASDAQ:HLBZ) on Tuesday said it has signed a letter of intent to acquire a shared electric mobility platform - Wheels - in a potential all-stock deal. Terms of the transaction were not disclosed yet. Founded in 2018, Wheels is a micro-mobility company using proprietary vehicles with integrated helmet technology. It is said to have eight thousand vehicles deployed across major U.S. markets, including New York City, Honolulu, and Austin. Helbiz claimed Wheels has "pioneered swappable battery technology which keeps vehicles on the streets longer and can drive strong margins." "The shared vision and purpose of Helbiz and Wheels makes this combination a perfect match," said Helbiz CEO and Founder Salvatore Palella. He added "From a strategic perspective, this acquisition is expected to double revenue, expand the cities served, enhance margins, and reduce costs." Closing of the acquisition is expected by year-end, subject to standard closing conditions. Stock is up 8% in premarket trading. Earlier (June 16): Tesla

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Helbiz intends to acquire e-scooters firm Wheels in all-stock deal, shares up 8%